Unicaja Banco S.A.

Unicaja Banco, based in Málaga, is a mid-sized Spanish bank formed from the merger of regional savings-bank-rooted lenders, with a strong presence in southern and central Spain focused on retail customers and mortgages. Its concentration on the domestic market makes it a direct play on Spanish banking. Unicaja pays a growing dividend and has added buybacks as profitability improved with higher interest rates, which earns it a solid DiviScore. A generous yield backed by a recovering regional bank defines its appeal, though its shorter track record and domestic focus tie it closely to the Spanish economy.